Nearly half of renters would consider renting for life
Almost half of renters (47%) say they would consider renting for a lifetime as house prices keep rising, according to a finder.com.au survey.
The data showed 57% of respondents had managed to break into the property market and live in their own home.
finder.com.au Bessie Hassan, money expert, says the gap between homeownership and renting was shrinking.
“There may come a time when there are more renters than owner occupiers in this country,” she said.
“More than 3.6 million Australians are resigned to the fact that they will rent forever – it is much more affordable for them when all the costs of owning a property are factored in.”
Vacant land prices in capital cities climb
Combined capital city selling prices increased by 8.1% over the past 12 months, with the median vacant land selling price recorded at $270,350 across the combined Australian capital cities.
However, it was the other way around for regional areas as vacant land prices fell by -1.9% over the year.
The median selling price now sits at $164,250 – 65% lower than the median price in capital cities. This is the largest differential since September 2003.
According to CoreLogic, the rate per square metre for vacant land increased by 4.3% across capital cities, while it fell -17% across regional areas. This means that capital city vacant land is now 231% more expensive than vacant land in regional areas – the largest differential on record. http://ow.ly/i/neFvA